HomeMy WebLinkAboutPFA Min 2010-12-13Seal Beach California
December 13, 2010
The City Council, Public Financing Authority, and Redevelopment Agency of the
City of Seal Beach met in joint regular session at 7:00 p.m. with Mayor Sloan
calling the meeting to order and Councilman Antos leading the Salute to the Flag.
ROLL CALL
Present: Mayor Sloan; Council Members: Antos, Levitt, Miller, Shanks
City Staff: David Carmany, City Manager /Executive Director
Quinn Barrow, City Attorney /Legal Counsel
Chief Jeff Kirkpatrick, Seal Beach Police Department
Sean Crumby, Director of Public Works
Robbeyn Bird, Director of Administrative Services/Treasurer
Mark Persico, Director of Development Services
Chief Joe Bailey, Seal Beach Lifeguard Department
Ed Fleming, Division Chief OCFA
Linda Devine, City Clerk
APPROVAL OF AGENDA & WAIVER OF FULL READING OF RESOLUTIONS
& ORDINANCES
Items pulled from consent calendar - Miller pulled items "G" and Shanks pulled
items "E ", "I ", "J ", and "Q ". Shanks moved, second by Miller, to approve the
agenda as amended.
AYES: Antos, Levitt, Miller, Shanks, Sloan
NOES: None Motion carried
CONSENT CALENDAR
Shanks moved, second by Levitt, to approve the recommended actions on the
consent calendar except for items "E ", "G ", "I ", "J ", and "Q" pulled for separate
consideration. The City Attorney read the title to Ordinance No. 1602 (item "K ")
for the record.
AYES: Antos, Levitt, Miller, Shanks, Sloan
NOES: None Motion carried
B. Approved Minutes of Adjourned and Regular Seal Beach City Council
Meeting of November 8, 2010 - Seal Beach Public Financing Authority
Special Meeting of December 2, 2010 - Regular Redevelopment Agency
Meeting of October 25, 2010. (Joint Item - SBPFA & RDA)
G. Removed for separate consideration. (Miller)
*G. Seal Beach Public Financing Authority 2011 Wastewater Revenue
Refunding Bonds, Series A - Adopt Resolution No. 6087 and Resolution
No. PFA 10 -02 approving the refinancing of sewer improvement bonds
originally issued in 2000. (Joint Item - SBPFA)
H. Adopted Resolution No. 6088 entitled "A RESOLUTION OF THE SEAL
BEACH CITY COUNCIL ADOPTING AN AMENDED CONFLICT OF
INTEREST CODE CONTAINING REVISED DESIGNATED POSITIONS,
DISCLOSURE CATEGORIES AND REPEALING RESOLUTION
NUMBER 5802 "; adopted Resolution No. PFA 10 -03 entitled "A
RESOLUTION OF THE SEAL BEACH PUBLIC FINANCING AUTHORITY
NOTIFYING THE CITY COUNCIL THAT NO REVISIONS ARE
REQUIRED TO THE AGENCY'S CONFLICT OF INTEREST CODE "; and
adopted Resolution No. 10 -03 entitled "A RESOLUTION OF THE SEAL
BEACH REDEVELOPMENT AGENCY NOTIFYING THE CITY COUNCIL
THAT NO REVISIONS ARE REQUIRED TO THE AGENCY'S CONFLICT
OF INTEREST CODE ". (Joint Item - SBPFA & RDA)
Page 2 - Seal Beach Public Financing Authority 12 -13 -10
ITEMS REMOVED FROM THE CONSENT CALENDAR
JOINT ITEM "G" / RESOLUTION NO. 6087 AND RESOLUTION NO. PFA 10 -02
/ SEAL BEACH PUBLIC FINANCING AUTHORITY / 2011 WASTEWATER
REVENUE REFUNDING BONDS, SERIES "A" (Miller)
The City Manager reported this item is returned to Council because the interest
rates are changing and the direction given earlier by Council was to enter into the
agreement if the saving was $250,000 - currently the net present value saving
would be $233,000. The Director of Administrative Services reiterated what the
City Manager stated and would need direction from the Council with a minimum
amount of savings the Council would agree to - Mike Cavanaugh and Todd Smith
of Southwest Securities Group were present to answer any questions.
Councilman Miller received answers to his questions: on the $233,000 the net
interest cost of 4.56% and the discount rate is 4.77 %; discount rate is based on
by definition an all inclusive cost which accounts for interest rate plus cost of
issuance discounted back at a semi - annual rate; upfront cost is $104,000;
attachment "G" - payback schedule - pricing schedule (when you price bonds
generally there are serial maturities and term bonds) debit service schedule there
is level, principal, and interest payment; exhibit "B" under attachment "G" is the
current outstanding debit - bonds are sold known as term bonds; need to state
the discount rate in the resolution to determine the savings; can make a savings
of $17,000 per year; can state a minimum annual savings - minimum total
savings - minimum present value savings - whatever the Council is comfortable
with.
Shanks moved, second by Miller, to adopt Resolution No. 6087 entitled "A
RESOLUTION OF THE CITY OF SEAL BEACH APPROVING, AUTHORIZING
AND DIRECTING EXECUTION OF CERTAIN FINANCING DOCUMENTS AND
DIRECTING CERTAIN RELATED ACTIONS IN CONNECTION WITH
REFINANCING CERTAIN IMPROVEMENTS TO THE CITY'S WASTEWATER
SYSTEM" - change the amount in Section 3 from $250,000 to $220,000 net
present value (discount rate no less than 4 %) - City Attorney indicated that staff
will make any appropriate changes needed with the change in the amount.
AYES: Antos, Levitt, Miller, Shanks, Sloan
NOES: None Motion carried
Shanks moved, second by Levitt, to adopt Resolution No. PFA 10 -02 entitled "A
RESOLUTION OF THE SEAL BEACH PUBLIC FINANCING AUTHORITY
AUTHORIZING THE SALE, ISSUANCE AND DELIVERY OF WASTEWATER
REVENUE REFUNDING BONDS AND APPROVING AS TO FORM AND
AUTHORIZING THE EXECUTION AND DELIVERY OF DOCUMENTS
RELATING THERETO AND AUTHORIZING CERTAIN OTHER MATTERS
RELATING THERETO" - change the amount in Section 4 from $250,000 to
$220,000 net present value (discount rate no less than 4 %) - City Attorney
indicated that staff will make any appropriate changes needed with the change in
the amount.
AYES: Antos, Levitt, Miller, Shanks, Sloan
NOES: None Motion carried
ADJOURNMENT
With no objection it was the order of the Mayor to adjourn the Joint City Council
and Seal Beach Public Financing Authority meeting at 9:34 p.m.
.-Authority Chair
Cify Clerk/Secretary
City of Seal Beach